Annual Report 2023

139 2023 Annual Report Transport International Holdings Limited Examined the qualifications and experience of staff carrying out accounting and financial reporting, as well as the adequacy of resources and training programmes; Conducted reviews with the external auditors and the Senior Management to ensure that connected transactions were properly disclosed in accordance with the requirements of the Listing Rules; and Monitored the operation of the whistleblowing policy. Following these reviews and discussions, the Audit and Risk Management Committee recommended to the Board that the unaudited interim financial report of the Company for the six months ended 30 June 2023 and the audited annual financial statements for the year ended 31 December 2023 be approved. (b) Maintenance of Relationship with External Auditors Reviewed the independence of the external auditors and considered their terms of engagement and audit fee proposal to ensure that there was no impediment to their independence; and Ensured that the external auditors conducted their audit and non-audit services effectively. Based on the conclusions drawn from these reviews, the Audit and Risk Management Committee recommended to the Board that KPMG, the existing external auditors, be re-appointed as auditors of the financial statements of the Company for the year ending 31 December 2024. (c) Supervision of the Company’s Environmental, Social and Governance (“ESG”) Strategies and Reporting Process Monitored and reviewed group-level strategies, policies and sustainability matters; Formed a Task Force to oversee and evaluate the Company’s sustainability performance and risks; and Reviewed the Sustainability Report of the Company in accordance with the requirements of the Listing Rules. Remuneration Committee The Board has devolved upon the Remuneration Committee the authority to formulate remuneration policies, including the establishment of guidelines to determine the terms and conditions of employment and the remuneration and retirement benefits of Directors and employees of the Group. The Remuneration Committee also draws up criteria for performance-based bonuses and makes recommendations to the Board on human resources related policies based on the Group’s goals and objectives. Details of the terms of reference, remuneration policies and work performed by the Remuneration Committee in 2023 are set out in the Remuneration Report on pages 154 to 157 of this Annual Report.